Technical outlook:
The EURUSD 4H chart presented here might indicate that the currency pair could continue to print lower lows and lower highs with prices unable to produce a bullish reversal from 1.1240/60 zone. It is seen to be trading below 1.1240 mark, after printing intraday highs at 1.1242 levels earlier. Last week's low was seen at 1.1208 and EURUSD bears are likely to threaten a break below 1.1175 levels sooner than later. We therefore recommend exiting on long positions taken last week and watch for a price action before committing further. There could be a possible count where 1.1448 is a major top. Prices could continue to retrace the recent drop before turning lower again. With price action at extreme levels for now, we shall wait for a potential corrective rally to enter short positions again.
Trading plan;
Remain flat for now.
Good luck!
